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From the modeling point of view, the optimal balancing market can be posed as a mixed integer optimization problems with uncertainty in the strategy of the competitor, and – as previously noted – other alternatives can be incorporated from existing contracts. Depending on the integration level with other contracts, and depending on the usage of the natural gas, the problem can be a small or medium size stochastic or robust MILP that can be solved with off the shelf tools.

Contributor:

Dr Fabrizio Lacalandra, QuanTek